Coinbase: ‘The bull thesis is the long-term crypto adoption,’ analyst says

Coinbase: ‘The bull thesis is the long-term crypto adoption,’ analyst says

Cryptocurrency trading platform Coinbase (COIN) continues to have a "bull thesis" even amid a crypto market sell-off, according to Owen Lau, Oppenheimer executive director and senior analyst.

"The bull thesis is the long-term crypto adoption," Lau said on Yahoo Finance Live this week (video above). "[That's] number one thing the market has not given Coinbase credit, it's on the crypto adoption longer term."

According to FactSet, stocks of crypto-focused companies are 60% off their highs so far this year, as Coinbase is down 40% year to date.